Title : Share Capital and Members Rights
State : Central
Year : 1956
(1) The share capital of a Producer Company shall consist of equity shares only. (2) The shares held by a Member in a Producer Company, shall as far as may be, be in proportion to the patronage of that company. Section 581ZC - Special user rights (1) The producers, who are active Members may, if so provided in the articles, have special rights and the Producer Company may issue appropriate instruments to them in respect of such special rights. (2) The instruments of the Producer Company issued under sub-section (1) shall, after obtaining approval of the Board in that behalf, be transferable to any other active Member of that Producer Company. Explanation.-For the purposes of this section, the expression "special right" means any right relating to supply of additional produce..... View Complete Act List Judgments citing this sectionTitle : Loans to Members and Investments
State : Central
Year : 1956
The Board may, subject to the provisions made in articles, provide financial assistance to the Members of the Producer Company by way of (a) credit facility, to any Member, in connection with the business of the Producer Company, for a period not exceeding six months; (b) loans and advances, against security specified in articles to any Member, repayable within a period exceeding three months but not exceeding seven years from the date of disbursement of such loan or advances: Provided that any loan or advance to any director or his relative shall be granted only after the approval by the Members in general meeting. Section 581ZL - Investment in other companies formation of subsidiaries, etc. (1) The general reserves of any Producer Company shall be invested to secure the..... View Complete Act List Judgments citing this sectionTitle : Penalties
State : Central
Year : 1956
(1) If any person, other than a Producer Company registered under this Part, carries on business under any name which contains the words "Producer Company Limited", he shall be punishable with fine which may extend to ten thousand rupees for every day during which such name has been used by him. (2) If a director or an officer of a Producer Company, who wilfully fails to furnish any information relating to the affairs of the Producer Company required by a Member or a person duly authorised in this behalf, he shall be liable to imprisonment for a term which may extend to six months and with fine equivalent to five per cent. of the turnover of that company during preceding financial year. (3) If a director or officer of a Producer Company (a) makes a default in handling over the..... View Complete Act List Judgments citing this sectionTitle : Winding Up by the Tribunal
State : Central
Year : 1956
CHAPTER II WINDING UP BY THE 1 [TRIBUNAL] _____________________________ 1. Substituted byAct 11 of 2003, Section 50, for "Court". View Complete Act List Judgments citing this sectionTitle : Finance, Accounts and Audit
State : Central
Year : 1956
(1) Every Producer Company shall keep at its registered office proper books of account with respect to (a) all sums of money received and expended by the Producer Company and the matters in respect of which the receipts and expenditure take place; (b) all sales and purchase of goods by the Producer Company; (c) the instruments of liability executed by or on behalf of the Producer Company; (d) the assets and liabilities of the Producer Company; (e) in case of a Producer Company engaged in production, processing and manufacturing, the particulars relating to utilisation of materials or labour or other items of costs. (2) The balance sheet and profit and loss accounts of the Producer Company shall be prepared, as far as may be, in accordance with the provisions contained in..... View Complete Act List Judgments citing this sectionTitle : Amalgamation, Merger or Division
State : Central
Year : 1956
(1) A Producer Company may, by a resolution passed at its general meeting,- (a) decide to transfer its assets and liabilities, in whole or in part, to any other producer Company, which agrees to such transfer by a resolution passed at its general meeting, for any of the objects specified in section 581B; (b) divide itself into two or more new Producer Companies. (2) Any two or more Producer Companies may, by a resolution passed at any general or special meetings of its Members, decide to- (a) amalgamate and form a new Producer Company; or (b) merge one Producer Company (hereafter referred to as "merging company") with another Producer Company (hereafter referred to as "merged company"). (3) Every resolution of a Producer Company under this section shall be passed at its..... View Complete Act List Judgments citing this sectionTitle : [Repealed]
State : Central
Year : 1956
View Complete Act List Judgments citing this sectionTitle : Producer Companies
State : Central
Year : 1956
In this Part, unless the context otherwise requires,-- (a) "active Member" means a member who fulfils the quantum and period of patronage of the Producer Company as may be required by the articles; (b) "Chief Executive" means an individual appointed as such under subsection (1) of section 581W; (c) "limited return" means the maximum dividend as may be specified by the articles; (d) "Member" means a person or Producer institution (whether incorporated or not) admitted as a Member of a Producer Company and who retains the qualifications necessary for continuance as such; (e) "inter-State co-operative society" means a multi-State co-operative society as defined in clause (k) of section 3 of the Multi-State Co-operative Societies Act, 1984 and includes any co-operative..... View Complete Act List Judgments citing this sectionTitle : General Provisions
State : Central
Year : 1956
Section 146 - Registered office of company (1) A company shall, as from the day on which it begins to carry on business, or as from the1[thirtieth] day after the date of its incorporation, whichever is earlier, have a registered office to which all communications are notices may be addressed. (2) Notice of the situation of the registered office, and of every change therein, shall be given within2[thirty] days after the date of the incorporation of the company or after the date of the change, as the case may be, to the Registrar who shall record the same: Provided that except on the authority of a special resolution passed by the company, the registered office of the company shall not be removed - (a) in the case of an existing company, outside the local limits of any city, town..... View Complete Act List Judgments citing this sectionTitle : Resolution of Disputes
State : Central
Year : 1956
(1) Where any dispute relating to the formation, management or business of a Producer Company arises- (a) amongst Members, former Members or persons claiming to be Members or nominees of deceased Members; or (b) between a Member, former Member or a person claiming to be a Member, or nominee of deceased Member and the Producer Company, its Board of directors, office-bearers, or liquidator, past or present; or (c) between the Producer Company or its Board, and any director, office bearer or any former director, or the nominee, heir or legal representative of any deceased director of the Producer Company, such dispute shall be settled by conciliation or by arbitration as provided under the Arbitration and Conciliation Act, 1996 as if the parties to the dispute have consented in..... View Complete Act List Judgments citing this section